29th June 2011
Today in the Telegraph, consumers are suffering from a "toxic mix" of "facts and fear" about household incomes, eurozone debts and rising prices, Asda's chief finance officer has said.
Also from the Telegraph, a growing split between the world's biggest oil consumers and major Opec producers over prices means Saudi Arabia may no longer increase its oil output by as much as it pledged.
The New York Times is reporting on Google's new social network – the Google+ project.
The Financial Times is also looking at social media, Zynga, the social networking games developer closely tied to Facebook, is set to file for an initial public offering this week that hopes to value the company at up to $20bn.
Not many would be surprised by the news, reported in the New York Times, Christine Lagarde became the first woman to be appointed to the helm of the International Monetary Fund, taking on one of the most powerful positions in global finance.
Reuters is also discussing the new appointment, Asia's fast-rising economies set their sights on securing key IMF appointments under newly named chief Christine Lagarde on Wednesday, hopeful she would be the one to make good on oft-heard pledges to swing more power to emerging markets.
From the Guardian, one of the City's most senior regulators has hit out at the bosses of financial firms for failing to embrace the cultural change needed to repair the industry's reputation with consumers.
HMRC have made mistakes again, according to the Independent, Almost 5 million people will face fresh tax confusion in the next few months, Her Majesty's Revenue and Customs (HMRC) has admitted. In the next two weeks it will start sending revised calculations of tax due for 2010-11. Some will receive cheques after Revenue calculations revealed that they overpaid tax, while others will be hit by demands for underpaid tax.
The Independent are reporting, in one of his most "doveish" interventions since the end of the recession, Sir Mervyn King, the Governor of the Bank of England, signalled yesterday that there would be no rise in interest rates until there was clearer evidence that the economy was growing and that unemployment and the interest rates actually paid by consumers were falling.